200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 9. Income tax expense (cont'd) Reconciliation between income tax expense and accounting profit/(loss) 2024 2023 2024 2023 RM RM RM RM Profit/(loss) before tax 68,398,279 13,055,155 1,778,235 (8,066,917) Taxation at Malaysian statutory tax rate of 24% (2023: 24%) 16,415,587 3,133,238 427,000 (1,936,000) Different tax rates in other countries (80,356) 1,934 - - Effect of expenses not deductible for tax purposes 5,350,758 3,487,393 706,000 3,038,000 Effect of income not subject to tax (1,043,858) (1,113,064) (960,000) (960,000) Deferred tax assets not recognised on unutilised tax losses, unabsorbed capital allowances and other temporary differences 585,255 166,922 - - Deferred tax assets recognised on unutilised tax losses, unabsorbed capital allowances and other temporary differences (870,157) - - - Utilisation of current year's reinvestment allowances (825,317) (67,708) - - Utilisation of previous year's unrecognised business loss, unabsorbed capital allowances and other temporary differences (2,156,346) - - - Share of tax of associate 79,116 - - - Share of tax of joint ventures (154,594) 754,272 - - Under/(over)provision of income tax in prior years 179,220 (1,776,246) 1,180 21,393 Underprovision of deferred tax in prior years 137,296 1,590,565 - - Income tax expense recognised in profit or loss 17,616,604 6,177,306 174,180 163,393 Company Group The reconciliations between income tax expense and the product of accounting profit/(loss) multiplied by the applicable corporate tax rate for the years ended 31 December 2024 and 2023 are as follows: - 47 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 139 ANNUAL REPORT 2024
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